Nov 02 2022
VOT Research Desk
The US Dollar Index (DXY) extends its decline from Tuesday and returns to the low-111.00s. Only a drop below 109.30/00 would allow for more losses.
The daily RSI is currently defending the bottom end of its positive area, indicating that rising momentum remains prevalent.
Near term, the July top around 109.30/109.00 is critical support; only a fall below would indicate a deeper slump.
A rebound towards 112.80 and the October high of 113.50/113.90 is not ruled out.
This must be reclaimed in order to confirm the following leg of the upswing.
